Interest @ 1% per month is payable on the amount of income tax paid after the end of the financial year. Text of Section 234 B of IT Act, 1961 Subject to the other provisions of this section, where, in any financial year, an assessee who is liable to pay advance tax under section 208 has failed to pay it or, where the amount paid by such assessee under the provisions of … [Read more...] about Section 234 B – Interest payable for default in payment of advance tax
Section 234 A – Interest payable for default in furnishing the return of income
In simple words, interest @ 1% per month is payable under section 234 A of IT act on the amount of income tax paid after the due date for filing of the return. Due Dates for Filing of Returns For Corporate assessee who are required to furnish report u/s 92E of the IT Act 31st November 2013 For all other Corporate assessee. 30th September 2013 For non … [Read more...] about Section 234 A – Interest payable for default in furnishing the return of income
ITRV Submission – Acknowledgement of your Income tax return
When you furnish your Income Tax return online with digital signature, on successful transmission of the data, an acknowledgement known as ITRV will be generated by the server of the IT departnement and will be available to the person in printable format. Tax acknowledgement copy or ITRV shall contain the acknowledgement number of the electronic transmission and the date of … [Read more...] about ITRV Submission – Acknowledgement of your Income tax return
What is a TIN Facilitation Center and How to find a TIN Facilitation Center
Tax information network or in short TIN has been in India to process various forms related to PAN and TDS of a person in India or abroad. These TIN Facilitation Centers cum PAN Centers are operated by NSDL and available across the country for applying of PAN and to fulfill other statutory requirements. Companies like Alankit Assignments Limited, Integrated Registry … [Read more...] about What is a TIN Facilitation Center and How to find a TIN Facilitation Center
How to Read and Understand an Annual Report: A Q&A Guide
In India, just like in other parts of the world, annual reports play an important role in keeping shareholders, investors, and other stakeholders informed about a company’s financial health and performance. If you're new to business and finance, this guide will answer your questions about annual reports in a simple and easy-to-understand way. What is an Annual Report? An … [Read more...] about How to Read and Understand an Annual Report: A Q&A Guide
How to verify PAN Card details
PAN card is used as a identity proof and for deduction of TDS by the employer or deductor. In such cases its very important to verify pan card details of the person to know whether it's a genuine or not. There can also be situations where you do not know your Permanent Account Number and urgently require your card number to give it to someone. In this type of situation you … [Read more...] about How to verify PAN Card details
Track your PAN Card Application Status
PAN card status can be verified online with the help your acknowledgement number at NSDL site. With the details of acknowledgement number, Name and Date of birth, you can get the status of your PAN card online. You can even know when the card has been dispatched and the courier name. Link to track your Application status: … [Read more...] about Track your PAN Card Application Status
Important Parts of an Annual Report
Annual reports are prepared by the management every year for their stakeholders. It provide lots of information starting from financial viability to company's future visions or goal. We have listed four important parts of an annual report that one should look in to have a better view of company's financial condition; Auditors report to shareholdersFinancial statements … [Read more...] about Important Parts of an Annual Report
Methods of Accounting – Cash and Accrual Concept of Accounting
Company records it's financial transactions based on the accounting principles or methods they follow. Such specific methods are to be disclosed in company's annual report. There are two type of methods used in this accounting world to record financial transaction. Those are cash basis of accounting and accrual concept of accounting. Cash basis of accounting In cash basis … [Read more...] about Methods of Accounting – Cash and Accrual Concept of Accounting
Difference between primary market and secondary market
If you want your business to expand by acquiring other businesses or by investing in new projects then you need funds. Funds for these requirements can either be arranged from your own source or investors can invest into your company in return of a portion of profit. To collect funds or money in return of profit, companies use to exchange their shares or stocks in … [Read more...] about Difference between primary market and secondary market